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Two-Day Intensive: Greater Southern California And Online Via Real-Time Webinar Broadcast
About REFM
REFM is the premier financial modeling solutions provider for Excel-based financial spreadsheet models, financial modeling training, and financial modeling consulting for real estate transactions of all types. REFM provides its customers with the advanced financial modeling knowledge, tools and skills they need to successfully model their transactions and present them with confidence internally and to potential partners, lenders and investors. REFMs educational training is offered through digital Self-Study Video Tutorials and Live Group Training seminars. REFM also provides Private Consulting Services. Based in Arlington, VA, REFM was founded by Bruce Kirsch in 2009. Mr. Kirsch is a recognized expert in and top instructor of Microsoft Excel-based financial modeling for real estate transactions. Through REFM, Kirsch has trained both new and experienced real estate professionals in financial modeling from a wide variety
of real estate businesses, organizations and institutions, including private equity, development, brokerage, trade groups and government including:
Vornado Realty Trust Clark Enterprises Skanska USA Commercial Development Alvarez & Marsal A Middle East Sovereign Wealth Fund Holland and Knight LLP.
In addition, REFM has given on-campus real estate financial modeling training sessions to Undergraduate, Masters and MBA students from top schools including The Wharton School, The University of Pennsylvania School of Design, Harvard Business School, Harvard Graduate School of Design, Massachusetts Institute of Technology, MIT Sloan, UCLA, USC, Georgetown University, Cornell University, University of Chicago and George Washington University.
Overview
This is a 2-Day intensive interactive class that teaches basic, intermediate and advanced Excel-based financial modeling skills and techniques specific to a variety of real estate property and transaction analyses. In addition to other topics, this class addresses the financial structuring of partnerships and partitioning of cash flows for profit sharing. Class size is limited to ensure a low student-to-instructor ratio.
Format:
Participants will follow along in Excel on their laptops, perform skills and model-building exercises and have an ongoing Q&A with the instructor.
reusable Excel-based models specific to the class sessions 90 days of streaming video replay
Registration:
http://www.getrefm.com/public-open-enrollment-trainingcertification-preparation-c-2
At A Glance
Schedule Summary
Saturday, April 21
9:30 AM to 10:00 AM 10:30 AM to 1:30 PM 1:30 PM to 2:30 PM 2:30 PM to 6:00 PM Review of Level 1 Bootcamp Level 2 Bootcamp Lunch Break Level 3 Bootcamp
Sunday, April 22
9:30 AM to 1:00 PM 1:00 PM to 2:00 PM 2:00 PM to 4:30 PM 4:30 PM to 6:00 PM Mixed-Use Residential Condominium Building Development/Housing Subdivision Development Modeling Lunch Break Apartment/Multifamily Acquisition and Individual Unit Renovation Modeling Distressed Commercial Mortgage Note Modeling
Detailed Schedule
In this 1/2-hour, review session, participants will review the basics of operating in Excel, as well as advanced techniques, specifically as they relate to real estate analysis. Participants will receive the Level 1 Bootcamp Self Study as part of the course registration and should complete the self-study prior to this class.
Arithmetic and Rounding Statistics Relative vs. Absolute Cell References Inserting and Deleting Rows and Columns Function Wizard Creating Summary Tables Formatting Numbers Conditional Cell Formatting Data Table Lookup Functions Custom Formatting Format Painting Paste Special Transpose
Avoiding Error Messages Dates and Timelines Conditional Statements Financial Functions for Compounding and Discounting Internal Rate of Return (IRR) Mortgage Payment Calculation Formula Auditing Data Tables for Sensitivity Analysis Circular References Keyboard Shortcuts Best Practices
In this 3-hour, interactive session, participants learn the foundations of real estate finance as well as advanced techniques and topics. Participants follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are mastering the concepts and technical skills being taught. Participants are encouraged to ask their questions in real time to have them answered by the Instructor on a rolling basis.
Multiple
Time Value of Money Model (includes Exercise #1) The Discounted Cash Flow Model (includes Exercise #2) Internal Rate of Return (IRR) Mortgage Payment Calculation Refinancing/Interest-Only Scenario Payment Calculation (includes Exercise #3) Refinancing Case Study Maximum Loan Amount Calculation Residual Land Valuation (includes Exercise #4) Future Net Operating Income Calculation Transaction Capital Structures Financing Development Transactions
Equity Investors Discussion (includes Exercise #5) Profit Sharing Discussion Preferred Return, Internal Rate of Return Waterfall and Promote theory basics
and Discounting Net Present Value (NPV) and XNPV Internal Rate of Return (IRR) and XIRR Conditional Statements Mortgage Payment (PMT) Principal Payment (PPMT) Interest Payment (IPMT) IFERROR Minimum (MIN) and Maximum (MAX).
Equity Joint Venture Partnership and Waterfall Modeling Bootcamp Training (Level 3 Certification Preparation)
Equity joint venture partnerships are becoming increasingly complex and their proper structuring and modeling increasingly critical as equity capital requirements have grown given todays more conservative lending environment. Participants follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are mastering the concepts and technical skills being taught. Topics covered in this 3.5-hour, interactive session, include:
Rationale behind targeting disproportionate returns to the Sponsor How to achieve disproportionate returns through fees and cash flow partitioning Preferred Return overview and variations with respect to priority of payment Preferred Return in context (Payment Types A, B and C) Nature of Preferred Return (Compounded and not, cumulative and not) Annual and Monthly Preferred Return Exercises Waterfall Distribution overview, with Animation Promote Mechanism overview and modeling Look-Back Internal Rate of Return (IRR) Method 3-Tier Waterfall modeling Double-Promote, 5-Tier Waterfall modeling and Exercise Alternate Compounding Periods: Monthly, Daily, Quarterly Sample Partnership Structures Claw-Back overview and modeling Exercise.
Participants are encouraged to ask their questions in real time to have them answered by the Instructor on a rolling basis.
In this 3.5-hour, interactive session, participants gain a mastery of the skills needed to successfully model for-sale mixeduse condominium building and for-sale housing subdivision ground-up development transactions, including those involving distressed and foreclosed development sites. Participants follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are mastering the concepts and technical skills being taught. Topics covered include:
Site and Building Information and Construction Type Mix Details Project Timing Elements Capital Structure Uses and Sources of Funds Pre-Sales and Market Sales Closings, Cash Flows and Returns.
Participants are encouraged to ask their questions in real time to have them answered by the Instructor on a rolling basis.
In this 2.5-hour, interactive session, participants gain a mastery of Excel-based technical financial projection modeling skills for the acquisition and individual unit renovations (with continued operation) of a rental apartment building with ground-floor retail. The principles and skills taught apply equally to duplexes and 1,000-unit complexes. Participants follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are mastering the concepts and technical skills being taught. Topics covered include:
Integration of historical property data and existing rent roll into your pro-forma Modeling of future lease expirations and renewals Modeling of the unit renovation program Modeling of operating expense savings gained from the renovation/greening of apartment units Modeling of acquisition loan financing, residual equity requirement, and permanent take-out loan/refinancing Constructing amortization tables and using the VLOOKUP function efficiently Property Disposition
Participants are encouraged to ask their questions in real time to have them answered by the Instructor on a rolling basis.
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Commercial Mortgage Notes are a less visible but potentially highly profitable way of investing in real estate. Participants follow along in Excel in real time and perform exercises to ensure they are grasping the lesson and are mastering the concepts and technical skills being taught. Topics covered in this 90-minute, interactive session include:
What makes a Commercial Mortgage Note distressed in nature The various elements that comprise a Mortgage Note investment, including: Collateral Value and Note Face Value at original underwriting Current Remaining Loan Principal Nominal and Default Interest Rates Receiver Collections How to model the acquisition of a Mortgage Note:
All cash or with acquisition debt With and without ongoing debt service With and without cash flows after foreclosure but before final sale How to model exit opportunities:
Instructors
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Real Estate Financial Modeling 2055 15th Street North, Suite 203 Arlington, VA 22201 Tel (703) 577-4110 training@GetREFM.com
Trademarks: Microsoft and Excel are registered trademarks of Microsoft Corporation in the US and/or other countries. Some photography copyright Zoltaan Farago & Lock 7 Development. All rights reserved.